When we contacted you regarding a potential sale of Melbourne Plaza, we knew this retail property had its challenges. The fact that the property is located in an extremely soft rental market combined with the challenge that it is subject to a land lease and has significant vacancy further complicated matters with a potential sale.
When we met, you stated that your focus was to generate investor interest and multiple offers on the asset. By obtaining multiple offers, you felt that we would have the best opportunity to achieve a successful sale of this challenging property. Fortunately, your strategy proved correct as you were able to leverage the multiple offers received to ultimately reach a successful closing.
I know that getting to the finish line was not easy on this transaction. There were several complications that arose during the marketing and due diligence process. However, your continual consultation and advice helped us to navigate through the various issues and multiple offers. While many brokers disappear once a transaction is listed or under contract, you stayed in constant communication with both our team and the parties involved on the other side of the transaction. This level of communication and follow through was critical in completing the sale.
American National Bank is very appreciative of your efforts in assisting us to dispose of this property. We look forward to working together again if we take ownership of additional OREO properties in the future.